Bitcoin analysis for February 01, 2018

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Bitcoin (BTC) has been trading downwards. The price tested the level of $9.480. Venezuela's oil-backed cryptocurrency, the petro, is a step closer to reality following the release of the official whitepaper. The eagerly anticipated document outlines the token model and crowdsale mechanism that will be used to launch the ethereum-based project in February. Having been officially signed off by president Nicols Maduro, the whitepaper is finally available for scrutiny and it doesn't disappoint. The technical picture looks bearish.

Trading recommendations:

According to the 30 time - frame, I found a broken symmetrical triangle (pennant) in the background. The short-term trend is bearish and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $9.200 and at the price of $8.186.

Support/Resistance

$10.243 – Intraday resistance

$9.480 – Intraday support

$9.200 – Objective target 1

$8.190 – Objective target 2

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